Egypt postpones Telecom Egypt’s stake sale amid market volatility

Egypt has decided to postpones the sale of a stake in Telecom Egypt until the global markets’ conditions stabilise, according to three sources close to the matter said on Tuesday.

The company had said on March 7 that the government had started considering selling an additional stake in the company. The sources had previously added that the company was seeking to sell a 10 percent for 4.55 billion Egyptian pounds per share.

It is worth noting that the government owns 80 percent of Telecom Egypt, while 20 percent of the company’s shares are freely traded on the Egyptian Stock Exchange (EGX).

Government officials declined to comment and Telecom Egypt officials were not immediately available for comment.